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After its third-biggest one-day drop in history, the Dow Jones opened lower on Thursday, continuing the heavy losses suffered by global markets overnight.

The Dow Jones fell by just over 100 points, paring earlier losses in premarket trading that saw the index down by over 300 points. Earlier, Britain’s FTSE index dropped nearly 2 percent, sending it into correction territory, having lost almost 10 percent of its value since May. Asia’s Nikkei index was down 4 percent, and Europe’s Stoxx 600 hit its lowest level in more than 18 months.

With a robust economy and the lowest unemployment in nearly 50 years, the Federal Reserve has moved away from what it terms “accommodative” monetary policy, when it held interest rates artificially lower in order to help America rebuild after the Great Recession, and has raised rates three times so far this year.

Earlier this week the 10-year Treasury yield hit a seven-year high, pushing the average mortgage rate above 5 percent for the first time since 2011.

President Donald Trump, who has long chafed at the Federal Reserve’s handling of interest rates, doubled down on Wednesday, calling the Fed “crazy” and said it is “going loco.” During a phone interview on the Fox News channel, Trump said the market had dropped because of the Fed and the Treasury. “The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous,” Trump said.

The International Monetary Fund warned on Tuesday that the global economy would suffer if the trade standoff was not resolved. China has already had to pump billions of dollars into its own economy to brace against the impact of Trump’s tariffs, and U.S. companies are contending with the financial impact of retaliatory tariffs. Ford announced last week that it was taking a billion-dollar hit due to tariffs and Walmart has warned that it would have to raise prices for many of its China-made products.

National Economic Council Director Larry Kudlow told CNBC Thursday that America is “crushing it” and “doing better than anyone could dream of,” noting that one of the ultimate goals for the Trump administration was to be able to eliminate tariffs and subsidies altogether and proceed with fair trade.